Kiri Industries Ltd.
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ABOUT
AI Sector View
AI GENERATEDChemicals
The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 49.6%
- Company has a good return on equity (ROE) track record: 3 Years ROE 47.8%
- Promoters have been increasing their shareholding - up 15.0pp over 2 years
- Latest quarter profit grew 3658.6% YoY, showing strong momentum
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- Working capital days have increased from 42 to 1864 days
- Effective tax rate is unusually low at 3.7% - earnings may be flattered
- Operating margins have contracted to -27.1% from -14.2%
- Equity base is being diluted - shares outstanding up 15.8%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SUDARSCHEM | 1261.75 | 138.75 | 10045.59 | 0.40 | 103.40 | 88.00 | 2642.10 | 5.39 | 5.99 | 10.29 |
| KIRIINDUS | 550.35 | 0.61 | 3586.52 | 0.00 | 290.70 | 186.82 | 312.36 | 54.54 | 110.39 | 11.71 |
| BODALCHEM | 175.00 | 32.09 | 2204.02 | 0.00 | 30.38 | 218.67 | 709.04 | 56.11 | 5.06 | 9.72 |
| VIDHIING | 349.05 | 32.74 | 1743.33 | 0.86 | 17.12 | 34.74 | 146.28 | 66.42 | 18.83 | 17.78 |
| SHREEPUSHK | 501.95 | 22.52 | 1623.19 | 0.42 | 22.93 | 9.40 | 280.07 | 10.04 | 11.81 | 11.40 |
| ULTRAMAR | 427.40 | 13.54 | 1248.01 | 1.40 | 31.59 | 56.46 | 239.96 | 30.14 | 11.10 | 18.95 |
| SUDARCOLOR | 380.05 | 2.88 | 877.22 | 0.00 | 20.36 | 19.13 | 222.39 | 5.54 | 11.00 | 11.51 |
| PODDARMENT | 295.90 | 20.60 | 313.95 | 1.35 | 46.47 | 1015.73 | 901.30 | 887.64 | 5.83 | 5.95 |
| DYNPRO | 235.20 | 14.38 | 292.32 | 0.64 | 5.19 | 7.92 | 86.43 | -6.99 | 11.27 | 14.60 |
| HPIL | 121.00 | 89.02 | 138.23 | 0.00 | 0.25 | -86.19 | 26.76 | -38.75 | 6.36 | 2.88 |
| ISHANCH | 44.45 | 0.00 | 121.37 | 0.00 | 0.15 | -48.33 | 41.48 | 154.63 | 4.08 | 8.10 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 141 | 151 | 141 | 200 | 168 | 145 | 156 | 186 | 181 | 195 | 162 | 241 | 295 | |
| 154 | 170 | 162 | 210 | 168 | 151 | 202 | 178 | 197 | 209 | 209 | 374 | 291 | |
| Operating Profit | -13 | -19 | -21 | -11 | -0 | -6 | -46 | 8 | -17 | -14 | -47 | -133 | 5 |
| OPM % | -8.87% | -12.40% | -15.14% | -5.34% | -0.30% | -3.92% | -29.38% | 4.53% | -9.19% | -7.31% | -29.34% | -55.14% | 1.56% |
| 25 | 0 | 8 | 3 | 14 | 3 | 83 | 5 | 34 | 4 | 5,959 | 59 | 284 | |
| Interest | 4 | 5 | 6 | 8 | 5 | 8 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 12 | 12 | 11 | 11 |
| Profit before Tax | -2 | -35 | -30 | -26 | -3 | -22 | 24 | 1 | 5 | -22 | 5,899 | -86 | 289 |
| Tax % | 44.83% | 2.49% | 2.88% | -10.98% | 37.32% | 4.75% | -5.43% | -36.64% | -39.53% | 4.74% | 13.86% | 700.07% | 6.41% |
| Net Profit | -1 | -34 | -29 | -29 | -2 | -21 | 25 | 2 | 7 | -21 | 5,082 | 513 | 270 |
| -0.25 | -6.59 | -5.60 | -5.73 | -0.33 | -4.07 | 4.72 | 0.22 | 1.27 | -3.66 | 846.61 | 84.64 | 41.81 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 965 | 884 | 1,062 | 969 | 689 | 1,137 | 601 | 633 | 656 | 778 | 892 | |
| 837 | 754 | 905 | 873 | 690 | 1,105 | 711 | 697 | 699 | 989 | 1,082 | |
| Operating Profit | 128 | 130 | 156 | 96 | -1 | 31 | -109 | -63 | -44 | -211 | -190 |
| OPM % | 13.22% | 14.72% | 14.73% | 9.92% | -0.13% | 2.76% | -18.14% | -9.99% | -6.66% | -27.14% | -21.27% |
| 2 | 3 | 3 | 4 | 2 | 2 | 23 | 37 | 105 | 6,057 | 6,307 | |
| Interest | 8 | 2 | 4 | 5 | 4 | 5 | 6 | 22 | 17 | 3 | 4 |
| Depreciation | 22 | 25 | 28 | 37 | 39 | 44 | 44 | 44 | 44 | 46 | 46 |
| Profit before Tax | 99 | 107 | 126 | 59 | -42 | -15 | -136 | -93 | 1 | 5,797 | 6,081 |
| Tax % | 5.18% | 3.91% | 4.99% | 15.15% | 12.42% | 37.71% | 1.26% | -0.13% | -696.72% | 3.73% | 3.89% |
| Net Profit | 94 | 103 | 120 | 50 | -37 | -9 | -134 | -94 | 4 | 5,581 | 5,844 |
| EPS | 25.82 | 22.33 | 23.12 | 9.61 | -7.08 | -1.85 | -25.80 | -18.05 | 0.80 | 929.80 | — |
| Dividend Payout % | 0.00% | 0.00% | 5.22% | 3.35% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -1%
- 5 Years:
- 2%
- 3 Years:
- 9%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 90%
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 6%
- 5 Years:
- -1%
- 3 Years:
- 24%
- 1 Year:
- -5%
RETURN ON EQUITY
- 10 Years:
- 21%
- 5 Years:
- 24%
- 3 Years:
- 48%
- Last Year:
- 164%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 28 | 30 | 31 | 34 | 34 | 52 | 52 | 52 | 56 | 60 |
| 239 | 441 | 599 | 639 | 601 | 573 | 439 | 345 | 485 | 6,224 | |
| 176 | 190 | 168 | 151 | 150 | 99 | 57 | 36 | 146 | 12 | |
| Trade Payables | 146 | 115 | 160 | 180 | 207 | 261 | 352 | 358 | 183 | 342 |
| 186 | 84 | 114 | 87 | 91 | 57 | 53 | 142 | 216 | 336 | |
| Total Liabilities | 775 | 860 | 1,073 | 1,091 | 1,083 | 1,041 | 953 | 934 | 1,086 | 6,973 |
| 305 | 349 | 429 | 464 | 519 | 506 | 474 | 437 | 472 | 499 | |
| Capital Work in Progress | 36 | 32 | 38 | 77 | 58 | 59 | 67 | 68 | 62 | 18 |
| 168 | 168 | 140 | 140 | 140 | 140 | 140 | 142 | 163 | 4,737 | |
| 40 | 57 | 108 | 97 | 107 | 116 | 99 | 123 | 153 | 167 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 68 | 95 | 113 | |
| Cash & Bank | 5 | 7 | 11 | 7 | 6 | 6 | 2 | 2 | 5 | 847 |
| 221 | 248 | 347 | 306 | 253 | 214 | 170 | 93 | 135 | 591 | |
| Total Assets | 775 | 860 | 1,073 | 1,091 | 1,083 | 1,041 | 953 | 934 | 1,086 | 6,973 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 197 | 56 | 121 | 143 | 88 | 82 | 52 | -77 | -339 | 5,104 | |
| Cash from Investing | -86 | -63 | -90 | -102 | -69 | -24 | 3 | 27 | 12 | -4,705 |
| Cash from Financing | -114 | 10 | -13 | -26 | -7 | -57 | -56 | 50 | 329 | -58 |
| 2 | 2 | 4 | -4 | -2 | 0 | -4 | 0 | 3 | 341 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Kiri Industries Limited has informed the Exchange regarding 'Acquisition of shares of Makilala Mining Company, Inc. by Equinaire Holdings Limited through public auction.'.
2026-09-05 - Kiri Industries Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-03 - Kiri Industries Limited has informed the Exchange that Record date for the purpose of Meeting is 22-Sep-2026.
2026-09-03 - Kiri Industries Limited has informed the Exchange regarding 'Submission of Business Responsibility and Sustainability Reportingfor the year ended March 31, 2026'.
2026-09-03 - Kiri Industries Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 29, 2026
2026-09-02 - Kiri Industries Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-31 - Kiri Industries Limited has informed the Exchange about Preferential issue
2026-08-31 - Kiri Industries Limited has informed the Exchange regarding Outcome of Board Meeting held on August 31, 2026.
2026-08-26 - Kiri Industries Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
News
Recent coverage and analyst commentary for KIRIINDUS
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Kiri Industries Ltd.
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